(Reuters) – The U.S. Securities and Exchange Commission announced on Wednesday a $38.8 million settlement of charges against Akazoo, a purported music streaming business based in Greece, for allegedly defrauding investors out of tens of millions of dollars in connection with a 2019 special purpose acquisition company (SPAC) business combination.
The SEC said in a statement that the settlement “fully resolves the litigation by ordering Akazoo to pay $38.8 million in disgorgement.” It said that Akazoo’s assets were previously frozen under an emergency action filed in September 2020.
(Reporting by Kanishka Singh in Bengaluru; Editing by Leslie Adler)
